Do you know how much the State earns per taxpayer? Taxes on home purchase are among the highest.
For each taxpayer, the State collects a certain amount through taxes and social contributions. Do you know how much it is? And how much do taxes represent in buying a house? Read on.
Looking to buy a house? Turn to the real estate agency Casa no Minuto and start the process today. And if you need a housing loan, you can also count on the support of Poupança no Minuto's credit intermediaries. But first, read about the values involved.
The government earned over 8,000 euros per taxpayer in 2022.
Do you know how much the state earns in taxes and social contributions for each person who pays? According to data released by Pordata on social media, "In 2022, the highest value ever was collected in taxes and social contributions".
For each taxpayer, the State earned more than 8,000 euros in 2022 through taxes and social contributions, a maximum amount reached.
The publication explains: "The State collected the highest value ever in IRS, VAT, Social Security contributions and other taxes and social contributions in 2022. On average, it was 8,760 euros per person," reveals Pordata, in a post shared on social media.
Making a historical comparison, in 1995 the State won with the same taxes and contributions a total of 2,768 euros per person, according to the shared data.
Among the taxes with the greatest impact are those related to buying a house.
Two taxes with the greatest impact on the wallets of the Portuguese and which generate more profit for the State are those of buying a house: the Municipal Property Transfer Tax (IMT) and the Stamp Duty (IS).
The IMT is the most expensive tax when buying a house, which applies to onerous transmissions of the right of ownership, based on the higher value between the deed value of the house or the Tax Asset Value (VPT). The amount to be paid is calculated based on whether it is an urban or rustic property, whether it is for permanent own residence or second home, and whether it is located in mainland Portugal or in the Autonomous Regions. Based on these factors, there is a corresponding rate to calculate the IMT amount to be paid.
IS is the oldest tax in the Portuguese tax system, applied not only to the purchase of a house, but also in general on consumption when VAT is not applied.
This tax is paid on the purchase and sale of a house, but also on the housing loan, in case of financing... then, it is paid at the moment of the deed, just like IMT, and its value is based on the highest value between the deed of the house or the Taxable Property Value (VPT).
The IS rate to be applied for acquisition is always 0.8%, and in housing credit it depends on the loan term. If the credit has a term longer than 5 years, the IS rate is 0.6%, and if the term is less than 5 years, the rate is 0.5%.
But know that, if you want to buy a house, even if taxes don't change in value, the cost of the house and credit can change. How? Hiring a real estate agency that finds the perfect property for you, and a credit intermediary that finds the cheapest proposal with the most suitable conditions for you, in the market. Also note that the intermediation service is free and both offer personalized support.
Contact the real estate agency Casa no Minuto and the credit intermediaries of Poupança no Minuto, to find out more information!